After decades brokering deals on opposite sides of the table, Australian bankers are coming together to help the world’s neediest - and tearing up their bills.
Bloomberg News reports that Matthew Grounds, the local head of UBS, Greenhill Australia co-founder Peter Hunt and Australia & New Zealand Banking Group Chairman David Gonski are among members of a new group that will charge companies and wealthy families for advice. Neither them nor their firms will keep that revenue - instead, it will be spent on health and education projects in Uganda and Nepal.
'They have embraced the idea that they can work collaboratively together rather than competing with each other', said Exel, whose Adara Advisors has given $6.5m to the charity. 'There’s huge power in the world of financial services that can be harnessed for good'.
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